 Bismillahirrahmanirrahim, we have already discussed in detail issues related to aggregate demand. We derived IS curve, then monetary policy curve and finally aggregate demand curve. Then we discussed the factors which are responsible for shifting of aggregate demand curve and other two curve as well. Now we move on to second part of aggregate demand aggregate supply model that is other side of the economy or other side of the model which is aggregate supply. So first of all I would like to explain or introduce or define what is meant by aggregate supply. Aggregate supply se ye murad hota hai, aapki economy me aggregate level pe jitni goods and services produce hoti hain, ek saal ke andar, wo am kate hain yamari aggregate supply asaan alfaaz mein. Now the second aggregate supply curve, jab aggregate supply production ka naam hai to aggregate supply curve, zair hai iss production ko kisi variable se relate karega to am usi variable se relate karte hain jis se aggregate demand ko kiya tha inflation se. Iska matlab hai aggregate supply curve jo hai wo total output, total production jo goods and services ki ek mulk ke andar ek saal ke andar hoti hain, usko inflation rate ke saath relationship ban aaya jaayi to wo relationship kya represent karte hain aggregate supply curve. Now, chuki mera topic abhi supply curve ki andar hai long run supply curve to phir mujhe jaye bhi define kar naapadega ki long run aur short run mein kya fark hota hai. Deke maine abhi kuch lectures pehle aapko ek baat batai thi ke short run aur long run aur usme maine especially ye baat batai thi ke wages sticky osakti hain. Aur maine kata wages ek week ke liye sticky osakti hain, ek maine ke liye osakti hain lakin maine bhi ek saal ke liye naon. Ab jo time period jiske doraan kuch prices constant rahe hain aur ye aap zain mein rakhiega ki aksar students ke zain mein hiata hai ki prices to constant nahi rati. Main aapko kaha tha ki bata ki price rose change nahi hoti, service ke shoes ki price rose change nahi hoti. Restaurant pe jain to waha pe jo khani ki price aap se charge ki jati hain. Meslaan chai ka cup jitne mein diya jata hai wo rose price nahi change hoti. Iske matlab hai kuch prices short run mein sticky hoti hain, yani ke constant hoti hain, phori change nahi hoti. To hi hum short run aur long run ka fark yahi hain se karenge. Aisa time jisme kuch prices constant hain aur kuch change hoti hain, jise vegetable ki change hoti hain, chicken ki change hoti hain. Jab ke kuch item ki prices change nahi hoti hain. Isko aum kate hain short run aur jis time period mein saari prices change hoti hain. Yani ki ultimately to har price change hoti hain. To aisa time period jisme saari prices change hoti hain, wo humare liye long run. To short run aur long run mein fark basically wages ya prices ke constant hoti hain ya unke flexible hoti hain. Aap jab aggregate supply total output ka naam hai, to soval hi hai ki long run ke andar total output kitni hoti hain. To long run ke andar to total output hoti hain, wo agar aap apni labor ko full employment level pe use kar le. Aur jo capital available hain usko utilize karen aur jo technology available hain usko utilize karen. To given capital aur technology mein agar aap apni labor ko full employment level pe use kar le, to hi aap ko long run ki output produce kar ke deka. Aap soval hi hai ki full employment kisko kaite. Ke aap aap ke zen mein ye aar hai ke full employment se muradhi hain ke har banda implied hojai, jis ka matlab hai unimpliment zero hojai. Nain aisa nahi hai. Economics ki andar ya economist full employment usko kaite hain jab unemployment hoto se hi, leke natural rate ki equal ho. Aur natural rate of unemployment se muradhi hai ke har vakat economy mein kuch unemployment zeroor hoti hain, jis yam natural unemployment rate aur wo kis wajah se ho sakti hain, wo frictional unemployment ho sakti hain. Ye frictional unemployment kya hain? Ye ye ho sakti hain, ke ek banda apni job ke liye apply karta hain. Pehle, balki newspaper mein add aata hai, pheer banda apply karta hain. Pheer uske papers ki scrutiny hain. Pheer usse test ke liye bulaya jaata hai, pheer interview call hota hai, pheer final call hota hai, pheer wo join karta hai. Is process ke duran wo unemployed raha. This is called frictional unemployment. Is tari ke se structural unemployment ke ek jo ekanomi ka sector hain wo khatam hota jaar hain, waha se log unemployed ho rahe hain aur wo kuch time baat, dosre sector mein absorb ho rahe hain. Lekin jitni time ke liye wo unemployed rahe, usko hain ge ye unemployed hain, lekin ye natural rate of unemployment hain. Is ka matlab ye hain. Ke jab unemployment apni natural rate pe ho, to hain kate hain ye full employment ho gayi. Aur agar natural rate of unemployment ki upar full employment jisko hain kaya hain, to us full employment ko utilise karte huye jo total output produce hogi usko hain natural rate of output kate. Jaa potential output bhi kate hain. Isli ye jyad rakhe hain ke long run mein jo aggregate supply hoti hain wo potential output ki equal hoti hain. Wo natural rate of output ki equal hoti hain. Ye aap ke zen mein clear ho na chai. To jab long run mein detamin hoti hain output yaato labour ki full utilisation se ya capital aur technology ki availability se to is ka matlab hai usko long run mein inflation rate se koi relationship nahi hota. Uski jo bhi value yp hain uski upar aggregate supply ka vertical hoja. Aur vertical hone ka matlab hi hai ke long run mein inflation ki koi bhi value ho. Lekin long run mein output jaye wo natural rate of output ya potential output ki equal hoti jis ka matlab hi hai ki economy issi upar produce nahi kar sakti kamaz kam jab tak logon ko itna utilise ki aajaye jitna ek normal ek din mein ek banda kaam kar sakta hain. Thank you.